By Chris Orestis
With a manageable mortgage, $1.3 million in investments and a pay-as-you go lifestyle, John and Mary had done everything right to set up their retirement to be the golden years that so
many aspire to. But, there was one bill they hadn’t factored into their planning, and it wasn’t even something they could have managed — John’s 82-year-old mother was about to outlive
the savings that she had been using to pay for her room in a nursing home in a small town in Minnesota.
For millions of Americans approaching retirement, this is just one of the stories of sticker shock about unanticipated health care and living costs in retirement. Fidelity’s Retiree Health Care Cost Estimate shows that for a couple retiring today, the average health care costs paid during retirement are estimated to be $260,000. And if that’s not enough of a shock, consider that is the average cost and doesn’t include responsibility for an aging parent. The total could be even higher if a retiree is forced to seek long-term care.
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